On the heels of its acquisition by Goldman Sachs, Fitch Ratings said last week that it has affirmed its servicer ratings on Litton Loan Servicing. The former C-BASS unit saw primary servicer ratings for subprime and HLTV products affirmed at 'RPS1'; special servicer ratings affirmed at 'RSS1'; and manufactured housing servicer ratings affirmed at 'RPS2'.
As of June 30, 2007, Litton's servicing portfolio consisted of more than 375,210 residential mortgage loans totaling more than $53.8 billion. In addition to MH loans, the portfolio included approximately 260,495 subprime loans totaling $46.4 billion and 89,360 HLTV loans totaling $4.3 billion. A portion of these loans (approximately 48,229 loans totaling $7.6 billion) are serviced for third parties and make up Litton's special servicing portfolio.
In 2003, Litton began acquiring MH loans. The company's portfolio started from 3,300 loans totaling approximately $204 million to an inventory now of 7,252 loans totaling more than $585 million as of June 2007. Delinquent MH loans are serviced separately by a high risk asset (HRA) group.
Fitch characterized the servicer as "efficient" in special servicing and "strong" in its primary servicing activities.
For more information, visit http://www.fitchratings.com.

This month inHousingWire magazine

Eight years after we began recognizing women for their influential work in the expanding housing and mortgage finance ecosystem, a traditionally male-dominated field, our Women of Influence list is bigger and better than ever! This year, we honor 85 women who are making lasting achievements in each sector of the housing economy. Read on to learn more about these accomplished women and the strides they are making in their industry segments.

Feature

The financial world at large is experimenting with changing its workforce culture in ways not fathomable 10 years ago. For example, in 2011, the dress code for female workers at UBS came to light with unflattering results. In it, the Swiss bank instructed female employees on not just how to dress and how to smell, but also preached the importance for ladies to apply lotion after taking showers. Fast forward to today and fellow Swiss bank, Credit Suisse has now created an official role to boost equal opportunities and create a fair treatment environment. Has the American mortgage industry made similar progress?

Commentary

The conversation around student loan debt and its economic impact on Millennials, those born from 1980 to 1998, has some questioning whether the future of the American Dream is in jeopardy. The nation’s student loan debt has soared to $1.4 trillion, surpassing credit cards in becoming the largest source of personal debt outside a mortgage.